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Due to the anticipated expansion of startups specialising in the production of consumer goods made from bamboo, the size of the global bamboo fibre market is expected to increase dramatically over the next few years. Bamboo Fibre Market Size, Share and Industry Analysis, By Type (Bamboo Rayon, Natural Bamboo Fibre), By Application (Clothing Fabrics, Home Furnishing, Medical Care Supplies, Others (Bathroom Textiles, and Others)), and Regional Forecast, 2022-2029 is a report published by Fortune Business Insights. Many start-up businesses are emerging globally to address the concerns over the excessive consumption of fibres and materials made from chemicals. These businesses make items from sustainable materials like bamboo fibres to address this issue. Bamboo pulp and cornflour polymers are employed in India by a start-up company named Beco in the production of everyday things like kitchen towels and rubbish bags. In the US, Ettitude is a startup based in Los Angeles that creates eco-friendly sleepwear and bedding out of bamboo fibres. In May 2020, the company raised USD 1.6 million in funding. In the near future, it is anticipated that the spread of such companies will significantly increase the potential of this sector. The natural fibre obtained from the bamboo plant’s stem is referred to as bamboo fibre. It is an adaptable & environmentally friendly substance that is becoming more and more popular across a range of industries, including building, paper manufacturing, and textiles. It’s important to remember that the processing techniques employed can have a significant impact on the environmental impact of bamboo fibre. Bamboo viscose that has been chemically treated raises questions because of the chemicals used, even though mechanically processed bamboo fibre is typically thought to be more environmentally friendly. When selecting bamboo fibre items, it’s critical to check for certificates and labels that represent environmentally friendly production methods.
Source: Textile value chain
Today India is the world’s fifth-largest economy with over 63 million MSMEs- all voicing the age-old legacy of ‘Vasudhaiva Kutumbakam’ meaning that the whole world is one single family. The 5000-year Indian civilization is quintessential of this legacy of oneness which has been sustained all these years by promising pillars of trade, exchange of ideas, and science. For India, it signifies more than just a slogan; it encapsulates a profound commitment to nurturing global harmony and collective responsibility. And as India steps into the role of G20 Presidency, this theme takes centre stage, illuminating the nation’s dedication to international collaboration. Now, with the dawn of ‘Amrit Kaal’, India is at the threshold of a transformative journey, one which will translate into attaining an economic stature of $35-45 trillion by 2047.
India’s G20 Presidency: MSMEs and the Dawn of ‘Amrit Kaal’
Amrit Kaal, as envisioned by the Indian government, is more than just a period of economic prosperity; it signifies a pivotal moment when India ascends to centre stage on the global platform, poised to play a decisive role in shaping international policies and trade dynamics. In this transformative era, the significance of India’s MSMEs of Bharat cannot be overstated. These small businesses are not just economic contributors; they are the heartbeat of India’s economic landscape. Consider this: MSMEs contribute 33% to India’s GDP and employ 49% of the workforce. Hence, they emerge as the driving force behind the nation’s aspirations. They embody the spirit of resilience and inclusivity, aligning seamlessly with the ethos of Vasudhaiva Kutumbakam, where every nation, regardless of its size, contributes to the global family. Especially with India’s G20 Presidency, the role of MSMEs becomes even more pronounced, for they symbolize not only economic growth but also the spirit of unity and cooperation that defines India’s global vision.
E-Commerce platforms: MSMEs’ Gateway to Global Prosperity
As India strides forward to becoming a global superpower by 2047, e-commerce enablement platforms are serving as catalysts for MSMEs’ journey towards global prosperity during India’s G20 Presidency. In perfect alignment with Prime Minister Modi’s call for WTO reform and digital trade advocacy at the G20, these platforms play an indispensable role in facilitating MSMEs’ seamless embrace of digital trade. Beyond merely serving as online marketplaces, they offer secure, efficient, and trustworthy mechanisms for online transactions. Traditionally, MSMEs often struggled to access a broader consumer base due to their limited physical reach. However, e-commerce platforms eliminate these barriers, allowing even the smallest businesses to showcase their products and services to a global audience. They serve as the bridge that connects traditional artisans in remote corners of India to customers worldwide, fostering a sense of inclusivity and unity that resonates with the essence of Vasudhaiva Kutumbakam – the world is one family.
A Superpower by 2047: The Audacious Dream
As we embrace the audacious dream of India becoming a superpower by 2047, we find ourselves at the threshold of what is undeniably ‘India’s century.’ In this era, where every facet of our existence is intertwined with technology and innovation, the building blocks of this new-age ecosystem are deeply rooted in digital advancements. In this transformative journey, the government’s role in harnessing existing components and forging new platforms cannot be overstated. Initiatives like the ONDC hold the promise of fundamentally altering the landscape for small merchants across India. Imagine a world where consumers can effortlessly discover any seller, product, or service through any compatible app or platform—a true game-changer in decentralized eCommerce. Embracing cutting-edge technologies, fostering innovation, and leveraging digital advancements, are pivotal in propelling India to the ranks of the world’s largest economies. This audacious dream of becoming the third or fourth-largest economy globally rooted in ambition, unity, and unwavering commitment, sets the stage for India’s century—a time when the nation’s influence extends far beyond its borders, echoing the spirit of Vasudhaiva Kutumbakam and redefining the global landscape in the process.
Source: Financial express
The Uttar Pradesh government is setting up an apparel park cluster in the Yamuna Expressway Industrial Development Authority (YEIDA) as part of its drive to develop industrial areas in the form of clusters in the state. This will be the first industrial cluster to be established by the YEIDA and entrepreneurs are showing great enthusiasm to invest in it. Despite allotment of plots, more than 70 industrial units are still looking for land in the textile cluster located in YEIDA. It is noteworthy that this apparel park cluster is being established in Sector 29 in an area of 175 acres. There are a total of 89 plots out of which 81 plots have been allotted and lease plans and checklist of 64 plots have been issued. Among these, physical possession documents have also been issued for 39 plots. With the setting up of the apparel park, Gautam Buddha Nagar will be recognised as the ‘City of Apparel’. A convention centre, exhibition centre and dedicated cargo facilities will be established in the YEIDA’s industrial area. Dedicated cargo facilities will also be developed at the under construction Noida International Airport in Jewar. Currently, the textile industry holds the largest share of cargo, accounting for around 37 per cent. Cargo from Jewar will be cheaper than from Delhi because only a 1 per cent value-added tax (VAT) is imposed on fuel there by the government. According to YEIDA Chief Executive Officer Arunveer Singh, work has been started by the National Highways Authority of India to connect this apparel park near Ballabgarh with the Delhi-Noida expressway. The rapid rail study by National Capital Region Transport Corporation (NCRTC) has also been started in the YEIDA area. The country’s first and the world’s sixth pod taxi system will be built in this area, for which a global tender has also been issued by the YEIDA. All the top companies of the world participated in the pre-bid meeting of the Personal Rapid Transit System. As a measure to promote industries, the YEIDA has taken a decision to increase the floor area ratio (FAR) on industrial plots in Yamuna authority area from 1.5 to 2.0, which is likely to get approval from the government soon. Additionally, it has also been decided to increase the ground coverage in industrial plots to 60 per cent. The YEIDA has requested the industrialists inside and outside the state to provide employment to the local youths in their industries and to establish skill development centres. Singh stated that the authority was ready to provide the land free of cost in case of any land requirements.
Source: Daily Pioneer
Prime Minister Narendra Modi, in his role as the host of the G20 Summit, concluded the two-day event with a prayer for peace, “Swasti Astu Vishwa,” which translates to “may there be peace in the world.” This gesture served as a powerful reminder of the shared responsibility and commitment to global harmony that brought leaders from around the world to Delhi. In his closing remarks, Prime Minister Modi not only declared the formal end of the G20 Summit but also expressed hope for a future guided by the principles of “One Earth, One Family, and One Future.” These principles encapsulate the essence of the G20 Summit, where leaders came together to address the most pressing global challenges as a united global family with a shared vision of a better future. Prime Minister Modi’s tenure as the head of the G20 would continue until November 30, with over two and a half months remaining. During this time, India remains dedicated to ensuring the efficient implementation of the suggestions and proposals that emerged during the summit, the PM said in his closing remarks. Over the course of the two-day summit, world leaders articulated their views, offered suggestions, and presented numerous proposals. Prime Minister Modi underscored the collective responsibility to carefully consider these suggestions and expedite their implementation. He proposed the convening of another virtual session of the G20 by the end of November to review the progress made on the decisions taken during the Delhi summit. This forward-looking proposal reflects India’s commitment to ensuring that the momentum generated during the G20 Summit is sustained and translated into concrete actions. It also highlights PM Modi’s proactive approach to global challenges, where he seeks to transform ideas into impactful policies.One of the significant aspects of his concluding remarks was his call for the establishment of a framework for Responsible Human-Centric AI governance. In an era defined by rapid advancements in technology and artificial intelligence, this initiative underscores the importance of setting global standards to regulate AI. It emphasizes ethical AI development, ensuring transparency, protecting privacy, upholding data security, and safeguarding human rights in the age of AI. His focus on AI governance aligns with the evolving landscape of technology and the need for responsible and accountable practices in this domain. It positions India as a leader in advocating for the ethical and humane development of artificial intelligence. Furthermore, Prime Minister Modi addressed the growing relevance of cryptocurrencies and digital currencies. He recognized the importance of regulating these digital assets to ensure monetary and financial stability, as well as social order. The G20 Leaders’ Declaration had already paved the way for the regulation of crypto assets, acknowledging the imperative of addressing the challenges posed by the digital currency ecosystem. Prime Minister Modi’s call for early action on regulating crypto assets reflects the global shift towards creating a regulatory framework for this emerging field. In his remarks, PM Modi also turned his attention to the pressing issue of cybersecurity. He stressed the necessity of global cooperation and the need for a robust cybersecurity framework to counter new channels and funding methods exploited by terrorist organizations in the cyber world. His focus on cybersecurity highlights the multifaceted nature of contemporary security challenges and underscores the importance of international collaboration in addressing them. Additionally, he highlighted the need to expand the mandate of Multilateral Development Banks (MDBs) and the urgency of implementing effective decisions in this regard. This expansion of MDBs’ responsibilities would contribute to international development and cooperation, aligning with the broader goals of the G20 Summit. Moreover, Prime Minister Modi touched upon the necessity of reforming the United Nations (UN) to adapt to the rapidly changing global landscape. He emphasized that the UN’s failure to adapt has led to the emergence of effective regional forums that are also proving to be influential. In a world characterized by rapid transformations, his call for UN reforms underscores the importance of ensuring that global governing bodies remain relevant and responsive to contemporary challenges.
Source: Financial Express
After the two most important announcements on Saturday — the inclusion of the African Union into the G20 club and a consensus on the New Delhi Declaration — the concluding day of the Leaders’ Summit was meant for a few bilaterals and a trip to Rajghat to pay homage to Mahatma Gandhi. On a rainy Sunday morning, the last session of the Summit didn’t have a full house at Bharat Mandapam — the scene of action for the Summit in the capital. US President Joe Biden left for his next stop —Vietnam — soon after his Rajghat outing. At the end of the session, Prime Minister Narendra Modi announced the Summit closed, and proposed a virtual G20 session in November before the presidency officially goes to Brazil. The ceremonial transfer was, however, marked by Modi handing over the gavel to Brazilian President Luiz Inácio Lula da Silva, who praised India for bringing emerging economies to the centre stage at the two-day Summit. In a Twitter (X) message, Modi said that in the last session on “One Future”, he emphasised the “need of the hour being to look beyond the idea of a global village and make the vision of global family a reality.’’ He added that simply having a GDP-centric approach is outdated. “Time has come to adopt a human-centric vision of progress. India has been making several efforts in this regard, particularly in areas of data and technology.’’ According to the PM, artificial intelligence should be used for socio-economic development. Elaborating on that theme, he said that the focus on sustainability and stability must not be lost as that alone will ensure the empowerment of the marginalised. After the day-long bilateral and side meetings with many countries, including France, Canada, Brazil, Turkey, Germany, South Korea, the Netherlands, Nigeria, Comoros, and the European Commission and Council, as things started moving towards a finish, Modi decided to spring a surprise. A massive security drill, along with a sniffer dog squad at the International Media Centre, a little distance away from Bharat Mandapam, was rolled out early in the evening and went on for more than two hours. More than 1,000 mediapersons, both international and Indian, waited for Modi, hoping he would take questions. When the moment came, cameras and mobile phones flashed from all sides and Modi, in his trademark white kurta-pyjama and dark jacket, walked across the large hall in sort of a victory lap. He waved at the media in the midst of the “Modi-Modi and Bharat Mata Ki Jai’’ chant. The moment was over in no time as the PM, who had gone to check out the Crafts Bazaar before the round of the media hall, walked out and journalists returned to their work tables. Late evening in a joint statement, France called for a quick conclusion of the Defence Industrial Roadmap. India and France are also working to establish a partnership on advanced nuclear technology. After another bilateral, Brazil and India have called for an urgent reform in the UN Security Council. Touching a raw nerve, Canadian Prime Minister Justin Trudeau said after his meeting with Modi that the issues of Khalistani extremism and “foreign interference’’ came up during the talk. “It is important to remember that the actions of the few do not represent the entire community or Canada,’’ Trudeau said. Earlier in the day, Modi told the world leaders: ‘’India has the responsibility of G20 presidency till November 2023. In these two days, all of you gave a lot of suggestions and placed proposals. It is our duty that the suggestions we have received be reviewed once again so as to see how their progress can be sped up." While Biden flew to Vietnam, French President Emmanuel Macron’s next stop was Bangladesh. Before leaving on Sunday, Macron said that the G20 was meant to solve international economic issues and was not the place to expect diplomatic progress on the war in Ukraine. He was responding to questions from the French media on the New Delhi Declaration not being strong against Russia’s invasion of Ukraine. He, however, expressed disappointment with the climate outcomes of the G20 Summit. Biden, in a late evening press conference in Vietnam, said: “...One of the things that is going on now is China is beginning to change some of the rules of the game in terms of trade and other issues...I don't want to contain China. I just want to make sure we have a relationship with China that is on the up and up, squared away.’’ He explained: “And one of the ways you do that is you make sure that we are talking about the same things. And I think that one of the things we've done, is we have an opportunity to strengthen alliances around the world, to maintain stability. That’s what this trip was all about, having India cooperate much more with the United States, be closer with the United States, Vietnam being closer with the United States. It's not about containing China. It's about having a stable base, a stable base in Indo-Pacific...” According to Reuters, Russian Foreign Minister Sergei Lavrov, the head of the delegation, said the Summit was a success for India, as well as the Global South. White House National Security Adviser Jake Sullivan said the Summit declaration did well in “standing up for the principle that states cannot use force to seek territorial acquisition or to violate the territorial integrity and sovereignty or political independence of other states", according to reports. Others, such as the UK and Germany, also backed the declaration. However, Ukraine said there was nothing in it to be proud of. Earlier, Japan’s Prime Minister Fumio Kishida said: “Russia's invasion of Ukraine is something that could shake the foundation of cooperation at the G20.” With Chinese President Xi Jinping and Russian President Vladimir Putin skipping the Summit and the Russia-Ukraine war splitting the world leaders in different directions, there was a question mark over a joint communiqué at the 18th G20 Leaders’ Summit. But a consensus was reached a day early on the first day of the Summit. On the economic front, finance ministry officials addressed the media to respond to questions on the status of crypto assets and other important issues. India is expected to hold wider consultation and discussions on the regulation around crypto assets, following the New Delhi Declaration welcoming the synthesis note by the International Monetary Fund and the Financial Stability Board on crypto assets, Department of Economic Affairs Secretary Ajay Seth said. On whether there would be a ban on crypto assets, officials indicated that India would follow the global consensus. While it has been decided to take the discussion on the crypto assets to a meeting scheduled in Marrakesh in November, officials said there was a consensus at the Leaders’ Summit on the synthesis paper.
Source: Business-Standard
India’s G20 presidency presents an opportunity to strengthen the country’s collaboration and economy. With the world’s most powerful countries represented, the G20 forum provides a premier platform for international economic cooperation, accounting for 85 per cent of global GDP and 75 per cent of global exports. India’s presidency has successfully included the Global South industrial economies’ growth strategies, positioning itself as an attractive manufacturing hub. The timing of the presidency is ideal for India to exercise greater influence on global policies and the economic sector. The Business 20 (B20) is a G20 dialogue forum that has conducted a year-long series of summits, which saw the participation of Indian and global industry leaders. One of the significant outcomes of the G20 is ‘India-Middle East-Europe Economic Corridor’. A cost-effective cross-border ship-to-rail transit network will connect India to the Arab countries, the EU and the US. This could translate into trade and investment opportunities for Indian businesses. India is making strides towards becoming a leading global manufacturing hub, but there is still room for improvement. India is becoming a preferred choice for companies seeking alternative manufacturing or sourcing bases to China. With Indo-US deals taking centrestage and other global corporations following suit, India’s manufacturing sector has the potential to reach $1 trillion by 2030, making it the fourth largest in the world. Currently, it is the fifth largest. India’s economic growth relies heavily on industries such as automotive, engineering, chemicals, pharmaceuticals, renewable energy, and consumer durables. Manufacturing boosts growth with employment. However, despite its potential, the manufacturing sector has only been contributing 13-17 per cent of GDP over the past four decades. Merchandise exports India’s manufacturing sector has struggled to increase its share of global export of merchandise to 2 per cent. Its share has remained below 2 per cent since 1948, hovering between 1.5-1.8 per cent between 2010 and 2022. China, on the other hand, has maintained a significant lead over India with a share of 10-15 per cent in global export of merchandise since 2010. China’s advantage in labour-intensive manufacturing at scale, backed by low labour costs and investment in trade-related infrastructure, has enabled it to move towards cutting-edge sectors like robotics and aerospace. China’s export-oriented approach focused on industries with higher export potential and invested in skilling its labour force, allowing for easier technology absorption and movement up the global value chain. In contrast, India struggled to achieve the desired level of skilling, leading to export inefficiency. India’s weak infrastructure is a significant bottleneck for the manufacturing sector. India’s surface transportation systems cannot meet the expectations of modern highspeed logistics. The fusion of intelligent digital technologies into manufacturing and industrial processes, known as Industry 4.0, presents an exciting opportunity for a new industrial revolution. The manufacturing industry is poised for growth, especially with the Make in India initiative at an inflexion point. To build a successful ‘Made in India’ brand, several things need to happen. The government should continue to build physical infrastructure and promote ease of doing business while also funding Industry 4.0 through start-ups. The manufacturing sector needs an inspirational leader to drive Industry 4.0 as a movement. Manufacturing sector leaders should think globally and focus on all aspects of Total Quality Management, including quality, cost, delivery, safety, morale, and the environment. They should invest in R&D and innovation and build partnerships to de-risk. Creating and owning designs and intellectual property will be critical, as will investing deeply in Industry 4.0. Driving cultural change to embed it and build a sustainable footprint will be essential, as learning is a lifelong process and diversity enhances it. India’s G20 presidency would position its manufacturing sector globally. With a government target of $500 billion in merchandise (goods) exports for FY 2023-24, the manufacturing sector must focus on the untapped export potential in existing tariff lines. The writer is Vice-Chairman, Punjab Economic Policy and Planning Board, and Chairman of Assocham Northern Region Development Council.
Source: The Hindu Business Line
Prime Minister Narendra Modi on Saturday held meetings with his counterparts from the UK and Japan on the sidelines of the ongoing G-20 summit here, with trade and investment being the key focus of talks. However, the much-awaited trade and investment pact with the UK looked to face further delays , going by the statements of Modi and British prime minister Rishi Sunak after their bilateral meeting. “We discussed ways to deepen trade linkages and boost investment. India and UK will keep working for a prosperous and sustainable planet,” Modi posted on ‘X’ after the meeting. Sunak said he was confident a deal with India could be secured but cautioned “there was still hard work to do.” “There’s a desire on both of our parts to see a successful trade deal concluded…but there is a lot of hard work that’s still to go,” he told reporters. “There has to be a win-win for both countries.” India and the UK are negotiating a free trade pact and an investment agreement. The negotiations have been intense and have entered the last leg where the most contentious of the issues under are being dealt with. While both sides are hopeful of an early conclusion of talks, they are unwilling to be bound down by the deadlines. Before embarking on his visit to India Sunak was reported by the media as saying that he would agree to a trade deal only if it benefitted the whole of the UK. UK Trade Secretary Kemi Badenoch had said last month that “it was about the deal and not deadlines”. On landing in India Sunak said in an interview to ANI, “that both Modi ji and I are keen to see a comprehensive and ambitious trade deal concluded between our two countries.” “Trade deals always take time, they need to work for both countries. Although we have made enormous progress there is still hard work to go.” India and the UK have held 12 rounds of negotiations on the trade agreement and closed 19 out of the 26 chapters or policy areas. Along with the trade agreement both countries are also negotiating an investment treaty. Investment agreement, rules of origin and intellectual property rights are some of the issues that are proving to be contentious ones in the negotiations. From the Indian side, the demand for easier visas for professionals is seeing some resistance from the UK. India is negotiating hard on concessions that the UK has asked for its services industry – financial and others – to operate in India. It is also seeking lower duties from India on automobiles and wines and spirits. In 2022-23 India’s exports to UK were $11.4 billion and imports were $ 8.9 billion. Modi and Japanese Prime Minister Kashida took stock of India-Japan bilateral ties and ground covered during India’s G20 presidency and Japan’s G7 presidency. “We are eager to enhance cooperation in connectivity, commerce and other sectors,” Madi said in his post on ‘X’ after the meeting. India and Japan already have a Comprehensive Economic Partnership Agreement that was signed in 2011. Japan is the largest bilateral donor to India. In the last financial year India’s exports to Japan were $5.4 billion and imports were $16.4 billion. On Sunday, PM Modi will hold a working lunch meeting with French President Emmanuel Macron. Other bilateral meetings have been planned with leaders of Canada, Comoros, Turkiye, UAE, South Africa, European Union, Brazil and Nigeria.
Source: Financial Express
Beyond the headline initiatives, such as the inclusion of the African Union into the G20 fold or the launch of the Global Biofuel Alliance, the much-negotiated final outcome document of the G20 New Delhi Summit has an extensive India footprint throughout. A large number of initiatives adopted at various G20 forums and working groups held throughout the year have found their way into the declaration. These include the memorably named “Deccan high-level principles on food security”, the “Goa road map for tourism”, and the “Jaipur call for enhanced MSMEs”.The idea behind the first of these initiatives originated from the Voice of Global South Summit organised by India before its presidency, as G20 officials have mentioned. New Delhi had gathered input from as many as 125 least developed countries and emerging markets, and food security stood out as a common concern. Lauded by the African Union, the “Deccan High-Level Principles on Food Security” outlines humanitarian assistance, increasing food production, food security net programmes, a climate-smart approach, inclusivity in the agriculture food system, a one-health approach, digitalisation of the agriculture sector, and scaling responsible public, and private investment in agriculture. Under the “Jaipur Call for Action for enhancing MSMEs” access to information, the text calls upon the International Trade Centre in Geneva to work on a detailed implementation plan in consultation with United Nations Conference on Trade and Development (UNCTAD) and the World Trade Organization (WTO) to address the informational gaps faced by MSMEs. MSMEs account for 60 to 70 per cent of employment and contribute 50 per cent to global GDP. The text also acknowledges India’s proposal of the One Future Alliance, a voluntary initiative aimed at building capacity and providing technical assistance and adequate funding support for implementing digital public infrastructure in low- and middle-income countries.
Focusing on sustainability
In line with India’s overall vision of sustainable growth for the summit, many initiatives championed by India focus on continuous but feasible development.Environmental groups have particularly praised the “Chennai high-level principles on a sustainable and resilient blue economy,” which address coastal and marine pollution from all sources, including plastics, air pollutants, and other persistent pollutants, derived from the maritime sector, unsustainable exploitation, and illegal activities affecting the marine environment. “This is not only to acknowledge the role our oceans play in regulating the climate system but also to understand how the sustainable use of our ocean-based resources must be done well in advance of us damaging this critical resource and then attempting to clean it up,” said Arunabha Ghosh, CEO of the Council on Energy, Environment, and Water.Meanwhile, the “Gandhinagar implementation road map for land reclamation” aims to restore the landscapes of forest-fire-impacted areas and mining-affected areas to reinforce the G20 Global Land Initiative implementation. On a voluntary basis, it calls for countries to bring all forest-fire-degraded lands under effective restoration by 2030. At a time when many countries continue to grapple with an influx of tourists as the post-pandemic travel rush continues, the “Goa road map for tourism” focuses on sustainable tourism, green tourism, digitalisation, skills, tourism MSMEs, and destination management. The Indian presidency also played a key role in launching the Resource Efficiency and Circular Economy Industry Coalition. It commits to enhancing environmentally sound waste management, substantially reducing waste generation by 2030, and highlighting the importance of zero-waste initiatives.
Source: Business-Standard
The Indian Government’s Open Network for Digital Commerce (ONDC) and tech giant Google Cloud have joined forces to harness the power of Artificial Intelligence (AI). The partnership marks a crucial step forward in the evolution of e-commerce in India. ONDC and Google Cloud are set to kickstart an extensive India-wide hackathon, dubbed ‘Build for Bharat,’ with the primary objective of catalysing innovation and tackling key challenges faced by the next billion digital users in the country. The hackathon’s overarching goal is to devise solutions that democratise access to digital commerce, irrespective of an individual’s digital literacy, geographic location, or economic status. Additionally, it seeks to nurture an open ecosystem, encouraging active participation from developers, students, and startups to foster innovation within the ONDC framework. T Koshy, Managing Director, and CEO at ONDC, emphasised the significance of this collaborative endeavour, stating, “This hackathon is a step closer to our vision of forging an inclusive and accessible digital commerce arena for every Indian, transcending all backgrounds.” The ‘Build for Bharat’ hackathon will span a three-month duration, with an impressive target of 100,000 participants. To empower these participants, the event will provide mentoring, guidance, and essential resources to tackle common e-commerce challenges. These challenges include enhancing supply chain visibility, creating more personalised consumer experiences, and optimising inventory management. Thomas Kurian, CEO of Google Cloud, underscored the transformative potential of this collaboration, stating, “Our collaboration creates an opportunity for organisations across India to reach larger audiences and expand their businesses, ultimately driving the adoption of digital commerce in the country.
Source: Apparel Resources
The delivery of big circular (-27%) and flat (-24%) knitting machines, as well as weaving, finishing, and stretch-texturing machinery, decreased in 2022, according to the 45th annual report of the ITMF (International Textile Manufacturers Federation). On the other hand, spinning machinery is stable. 200 textile machinery manufacturers collaborated to generate this study, dubbed “International Textile Machinery Shipment Statistics” (ITMSS). The study keeps track of changes in the sector since it was originally released in 1974. This edition, which is focused on 2022, reveals an increase in machine deliveries for short staples (+27%), open rotors (+85%), and most significantly spindles for long staples (+195%). Machines are delivered mostly in Asia, but also in Europe and North America. The document mentions that deliveries of stretch-texturing spindles fell by 13% in 2022. This is related to texturing. China alone will account for 84% of supplies in this region, with Asia-Pacific estimated to account for 95% of those deliveries. Deliveries of shuttleless looms decreased by 23% in the weaving industry during the course of the year, with Asia-Pacific accounting for 77% of all deliveries. In specifics, air-jet machines decreased by 13% and water-jet machines decreased by 38.4%. The electronic flat knitting machine market shrank by 24%. Deliveries of stenter machines decreased by 35% for finishing machines. The analysis, despite being less specific in this area, predicts that the fall has impacted all devices, from bleaching tools to beam and air-jet dyeing equipment.
Source: Textile value chain
INTERNATIONAL
Helsinki-based Paptic has secured an impressive US $ 24.6 million to fuel its mission of revolutionising sustainable packaging materials. With its unique foam-based manufacturing technology, the company aims to disrupt the dominance of plastics in the packaging market. They use a special foam-based method to make products from sustainably sourced wood fibre instead of using traditional water-based paper manufacturing. This innovative approach has allowed the company to double its revenue annually for the last four years. Furthermore, the Finnish Climate Fund has granted Paptic a non-dilutive capital loan of US $ 10.7 million to facilitate the industrial scale-up of this breakthrough technology. Moreover, Paptic also received a US $ 2.67 million boost from the European Innovation Council’s Accelerator program. Paptic’s CEO and co-founder, Tuomas Mustonen, is excited about how the company has grown from a small startup to a big, fast-growing business. Paptic plans to get strong.
Source: Apparel Resources
SUPIMA, the non-profit luxury brand that promotes the use of American grown Pima cotton around the world, is excited to announce Carla Pierini, Drexel University, the winner of the 2023 SUPIMA Design Competition. Hosted by globally recognized and acclaimed American fashion designer, Jeremy Scott, this year’s competition saw Carla Pierini and seven other finalists from the top design schools across the country showcased exceptional individual creativity and design talent with eveningwear capsule collections created entirely with SUPIMA cotton fabrics on September 7th, 2023, during a live runway show at The Prince George Ballroom this New York Fashion Week. The highly skilled and visionary group of young, emerging designers were tasked with creating five looks using five types of SUPIMA fabric: shirting, twill, denim, jersey, and velveteen. CFDA Award winning eveningwear designer, Bibhu Mohapatra, returned for his ninth year as mentor to the finalists, providing insight, support, and council to each contestant throughout the SDC program. It was a difficult decision with so many extraordinary collections to consider but this year’s prestigious panel of judges determined that Pierini is taking home a prize of $10,000 along with industry recognition and visibility for all of the 2023 finalists. This year’s SUPIMA Design Competition Finalists included: Amber Kuia, Academy of Art University Carla Pierini, Drexel University Alexander Ziemba, Fashion Institute of Design and Merchandising Hee Jin Hwang, Fashion Institute of Technology Wendy Weng, Kent State University Tianze Wu, Parsons School of Design, The New School Sahara Clemons, Rhode Island School of Design Mariana Espinosa, School of the Art Institute of Chicago. Each collection was carefully evaluated by an elite panel of over 20 judges comprised of industry veterans, editors, designers, and stylists including: fashion designer, Jeremy Scott, eveningwear designer, Bibhu Mohapatra, Abby Silverman, Angel Nemov, Ann Caruso, Avon Dorsey, Avril Graham, Cipriana Quann, Danya Issawi, Edward Barsamian, Emilia Petrarca, Freya Drohan, Godfrey Deeny, Jeffrey Taylor (2016 SDC winner), Jerome Lamaar, Jill Manoff Jonathan Cohen, Kelly Augustine, Laurel Pantin, Lisa Lockwood, Mahoro Seward, Mandy Lee, Mickey Boardman, Shibon Kennedy, and Victoria Brito.
Source: Textile world
Three years have elapsed with little gains since the government, in June 2020, made a decision allowing 100- percent foreign direct investment (FDI) in e-commerce, which was capped earlier to 49 per cent in the National Digital Commerce Policy 2018. Although it is one of the fastest-growing sectors worldwide in the digital era, Bangladesh stands nowhere near what it takes to lure investment to grab a countable slice of the business cake, and thus lagging behind other South Asian countries in cashing in on electronic commerce that transcends oncesovereign borders. Absence of an integrated policy, lack of dedicated authority and erosion of confidence of consumers following recurrent scams are cited by industry- insiders as deterrents, apart from prolonged global uncertainty. Worse still, there has been a reverse trend created in which many of the e-commerce businesses have shifted their ventures to business hubs like Dubai, Singapore and Malaysia to tap their market potential, industry- insiders said. They said local investors in e-commerce business are now preferring those countries following erosion of consumer trust due to confidence trick and scams and also for a lack of policy support. In the South Asian region, cross-border e-commerce comprises 55 per cent in Singapore's total digital trade while 40 per cent in Malaysia. Currently, two multinational companies (marketplace) -- Daraz, which was originally based in Pakistan, and Germany-based Food Panda -- are operating here having invested in 2014 and 2013 respectively, before the opening up of the doors in 2020. However, Chinese tech-startup giant Alibaba acquired Daraz in 2018 -- in one of their acquisitions of businesses across the world. Global e-commerce brands such as Amazon, Walmart, ebay, target, Lazada, Rakuten, and BigCommerce who have also spread their wings the world over are yet far off the bounds of Bangladesh. Amazon, Wallmart, and e-bay have investment in India through its e-commerce penetration which is, however, still about 8.5 per cent of the total population. Industry-insiders say there is scope to invest in Bangladesh as field is open here with a huge size of According to the e-Commerce Association of Bangladesh (e-cab), the e-commerce market in Bangladesh is set to grow by US$4 billion to $10.5 billion by 2026. TIM Nurul Kabir, Executive Director of the Foreign Investors Chamber of Commerce and Industry (FICCI), says overall investment situation remained stagnant in Bangladesh during the last three years, like all over the world. According to Washington-based research platform Macrotrend, FDI in Bangladesh declined by 9.77 per cent in 2022 compared to that of the previous year. Mr Kabir feels that the major e-commerce companies may invest in Bangladesh if the government considers opening up barriers to cross-border e-commerce, eases legal framework for repatriation of profits and pays attention to rebuilding consumer trust. He also suggests that online-payment gateways like Paypal be allowed in the country on a full scale to facilitate investors in digital business. Though PayPal is available in Bangladesh, its services are limited here. Bangladeshi users make payments through PayPal using foreign IDs for purchase of goods and services online. Existing investors also felt the necessity of creating investor-friendly atmosphere in e-commerce sector to make the market vibrant and competitive. "Investors have adopted wait-n-see approach following global turmoil, Russia-Ukraine war, US-China tension and high inflationary pressure world-wide," says Khondokar Tasfin Alam, Chief Operating Officer (COO) of Daraz Bd (Alibaba Group). "We'll welcome new investors in this area. Usually, investors want a sustainable growth in their business that has been jeopardised by growing uncertainty in the world economy," he said, expecting new FDI in this sector in the next two-three years. The Daraz COO, however, mentions that FDI in e-commerce sector has not been visible in other neighbouring countries, too, including in India, in this period. Apart from food and beverage categories, e-commerce penetration in Indonesia and Singapore is approximately 30 per cent while it is about 15 per cent in the Philippines, Thailand and Vietnam, findings by Mckinsey&COMPANY showed last year. Ambareen Reza, co-founder and Chief Executive Officer (CEO) of Foodpanda Bangladesh, feels that, while foreign direct investments in the e-commerce sector currently fall below desired levels, its strong potential "Despite the sector's present contribution of less than 1.0 per cent to GDP and a current investment of only $2.0 per capita, compared to India's $70-$80, there is an opportunity to raise its share in GDP to 5.0 per cent within the next 5-6 years," she says. She points out high cost of internet use, which is seven times above the global average, as one of the major hurdles in the way of attracting investment in e-commerce. "Enhancing data accessibility, and refining venture-capital exit strategies are imperative too to bolster FDI in the sector," she says. Prioritizing delivery infrastructure, advancing rural digital literacy, introducing e-commerce education, and fostering entrepreneurial inclusivity are necessary, too, not only for expanding the sector's scope but also enhancing its appeal to foreign investors and facilitating its growth trajectory, she adds. Ms Reza has found the prevalence of limited digital penetration a significant challenge, and underscores the importance of fostering digital awareness and inclusivity. "Operating in a relatively nascent market, we've observed that sustained growth hinges on strategic investments in technology and consumer education," she says about ways of a breakthrough. Jahangir Alam Shovon, Executive Director of the e-cab, has noticed e-commerce businesses grow tremendously during the COVID-19 period in other countries while it was "far below the global average". In Pakistan, Vietnam and Cambodia, e-commerce business surged up to 700 per cent on food delivery in pandemic period while it was up to 300 per cent in Bangladesh in both grocery and food delivery. "Growth in e-commerce is not commensurate with the number of smart- phone users and growth of digital technology in Bangladesh," he says. Some of the foreign investors fear whether the upcoming law of e-commerce may affect their investment plant, he adds. According to the market forecast of German platform Statistia, the number of users in e-commerce in Bangladesh is expected to number 86.1 million and user penetration to hit 47.9 per cent by 2027. The average revenue per user (ARPU) is expected to amount to US$116.40. It would show an annual growth rate (CAGR 2023-2027) of 15.78 per cent, resulting in a projected market volume of $13.71 billion by 2027.
Source: The Financial express
